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Taxation of individuals & corporates chamcham presentation 2012 - bw update
- 1. Bart Waterloos Changes in the Income Tax (Individuals and legal entities)
- 15. Social and health insurance Overview premiums 2012 Insurance Maximum calculation base % employee % employer Health 2.307,50 € 4% 10% Sickness 1.153,50 € 1,4% 1,4% Pension 3.076,00 € 4% 14% Invalidity 3.076,00 € 3% 3% Unemployment 3.076,00 € 1% 1% Accident no limit - 0,8% Guarantee fund 1.153,50 € - 0,25% Reserve fund 3.076,00 € - 4,75% 13,4% 35,20%
- 23. Questions & Answers
- 26. VGD AVOS office locations THE SLOVAK REPUBLIC Bratislava Moskovsk á 1 3 811 0 8 Bratislava tel: +421 2 5541 0624 fax: +421 2 5541 0631 [email_address] www.vgd.eu OTHER COUTRIES Czech Republic Praha, Liberec, Olomouc Belgium Brussels, Beringen, Brugge, Gent, Willebroek-Blaasveld, Antwerpen, Antwerpen L.O., Kuume, Machelen, Dendermonde, Zele Bulgaria Sofia Germany Düsseldorf, Leipzig, Essen Luxembourg Luxembourg The Netherlands Tilburg, Oisterwijk Hungary Budapest Poland Warszawa Russia Nizhny Novgorod Piešťany Námestie SNP 1476/4, 921 01 Piešťany tel: +421 033 7767 321 Tel: +421 033 7743 895 [email_address] www.vgd.eu
- 27. Thank you for your attention
Editor's Notes
- We expected a lot of changes with the anticipated reform of the tax and contribution system. This would introduce the so-called super-gross salary to calculate all taxes and contributions from. However, this was currently all stopped. We’ll see after the elections if this idea will be picked up again.
- Let us hope that this 19% can be maintained after the elections, as we consider it a very strong selling point for foreign investors
- Just marginal increase compared to previous year. But still below the 2010 levels.
- We repeat this change from 2011 because it will be applied now for the first time when preparing the 2011 tax statement. Tax allowance shall not be used on passive income already upon preparation of personal income tax return for a tax period of 2011. No additional allowances shall be already used in 2011.
- No changes in the 2012 law, but remember the changes of 2011, basically the taxation of the pocket money on the travel allowances.
- So here as well de-facto no changes in 2012 tax
- Here as well, no changes
- Real estate: -remember: exempt now only after 5 years for real estate acquired after 01.01.2011 and no effect of the permanent address anymore. Health care: - In an attempt to fight corruption and to decrease the costs in health-care, the government has introduced a series of laws that have also an impact in accounting and tax: - A health care provider or its employee/medical staff cannot decrease the income received by corresponding expenses, i.e. expenses in this regards are tax non-deductible - explicitly selected persons - a holder of license for manufacturing of medicines, holder of permission for wholesale of medicines, manufacturer, of medicines, manufacturer of health instruments, manufacturer of diet groceries or from the 3rd person So take the example that you are working for a medical centrum and the producer of certain medical equipment would invite you for a trip to the Seychelles: you will have to declare the value of the trip in your tax statement. And you can not deduct any costs you would have made in connection with this (e.g. if you paid your plane ticket yourself). But we see immediately several practical problems that will have to be dealt with: - you need to know the amount you have tax - even if you are a normal employee, in this case you have to file a tax statement and can not longer use the system of annual reconciliation by the employer.
- Should the individual receive personal account number before the end of March, tax is due by 2 April 2012. Otherwise 8 days period applies. This can happen when e.g. you are an employee with some unforeseen income (e.g. medical staff) or if you decide to file a tax statement because you had more than 1 employer during the year. So then you are not registered at the tax office and thus the tax office first has to generate your account number. The personal account number is hence not required if you perform the tax via the annual reconciliation done by the employer.
- We just wanted to repeat this issue, because it is still a hot topic. First of all there is some discrepancy between the law: profit created for periods starting after 01.01.2011, so in our opinion if your accounting periods starts 01.01.2011, it will be profits as from 01.01.2012! But the Ministery of Health has issued a guideline to the Health insurers that it has to be for all year 2011. Anyhow, still some time to clear up, because this will be done at the beginning of 2013 for payments obtained in 2012. Note: if the receiver of dividends is not in the capital, i.e. is not a direct partner or shareholder, then also social contributions will be due.
- The same applies to 2011 and 2012 (Ada priklada v materialoch)
- To be regularly changed as of 1 January
- ADJUSTMENTS a) TND items – representation, fuel consumption over statutory limit, unpaid fines & uncontractual penalties and unpaid rental due to individuals (debtor side), creation of some statutory provisions (e.g. bonuses and premiums, claims) and adjustments (e.g. to tangible assets, to receivables while time test is not met) , higher accounting than tax depreciation charges, provision of gifts, some unpaid costs, costs relating to exempt revenues b) Items subject to taxation outside accounting result – actually received contractual penalties or sanction interests of previous tax periods at a side of creditor c) Decrease – lower accounting than tax depreciation charges, release of some statutory provisions and adjustments, revenues belonging to other tax periods, paid contractual penalties, sanction interests, rental to individuals (at a side of a debtor)
- DEPRECIATION tax depreciation of tangible assets was unified irrespective of the way of purchase of the assets (deleting the specific depreciation of tangible assets purchased via financial lease agreement that was concluded after 31 December 2011 ) only aliquot depreciation charges can be applied for tangible assets upon straight-line and accelerated depreciation in the first year based on the number of months of using the asset in a relevant taxation period – this procedure shall be applied on assets put into use after 31st December 2011 HEALTH CARE Law on advertising Health care provider must notify of national centre of list of all medical staff taking part on educational seminar financed by health care provider Health carte provider is forbidden to finance, make a sponsorship or support educational activities of medical staff , medical staff is not allowed to attend such courses Pharmaceutical companies cannot motivate medicine doctor to prescript some drugs Medical sales representatives are not allowed to visit doctors during opening hours – sanction EUR 3 320 No gifts may be accepted by medicine doctors Income of companies – tax base should include monetary and non-monetary income provided to health care provider from the following persons - a holder of license for manufacturing of medicines, holder of permission for wholesale of medicines, manufacturer, of medicines, manufacturer of health instruments, manufacturer of diet groceries or from the 3rd person
- TAX ON EMISSIONS emissions of 2011 and 2012 are subject to taxation Tax rate – 80% Deadline for filing of the tax return – 30 June TAX INCENTIVES Tax relief period was prolonged to 10 years – can be applied only by tax payers who were issued Decision on investment aid as of 1 August 2011 onwards and concurrently do not apply tax relief according to the previous legislation (effective until 31 July 2011) Art 30a (2) of 595/2003 Coll. – A tax payer may apply tax relief on the part of the tax base multiplied by coefficient ( option to choose ): “ actual” coefficient: (eligible costs on purchase of tangible and intangible assets)/(equity + eligible costs) “ fixed” coefficient 0.8 (NEW as of 1 August 2011) The act introduces duty of the tax authorities to perform tax inspection on tax reliefs drawn according to the previous income tax act (366/1999 Coll.)
- TAP Taxable party will be allowed to request for remittance of the tax prepayment should the prepayment be paid without any legal justification (e.g. double payment by mistake), the tax administrator will refund the prepayment within 30 days as of the date of delivery of the this kind of application Tax non-residents will be allowed to request for paying of tax prepayments from the income from dependant activities in other way than calculated based on the amount of the income WHT Revenues where tax is already withheld and considered as final, shall not be included in the tax base (row 240) ORGANISATIONAL UNIT shall cease to be a tax payer on income from dependant activities as of 30 June 2012, or will be ex officio (z uradnej moci) de-registered as at 31 December 2012 Tax will be paid by its founder
- PAYMENT OF TAXES Should the company receive its personal account number before the end of March, tax is due by 2 April 2012. Otherwise 8 days period applies.
- 2% assignation - originally enacted in the way that a proportion will be changed to 1.0%/1.5% (1% financial gift) for taxpayers (corporates) ending tax period as of 1 January 2012 onwards Reason – funds provided last year (as at 31.12.2010) by tax payers to NGO’s declined by almost 20% comparing to 2009 (financial crisis, lower tax bases, lower taxes paid, lower amounts of 1.5%/2%) Therefore in order to keep supporting the NGO’s activities, proportion of 1.5%/ 2% (0.5% financial gift) is kept for another year (2012)
- Should the tax payer was not yet notified of his personal account No, he will be obliged to pay the tax within 8 days after receiving it. Be careful – different Variable symbol for each payment, different prefix number based on the kind of tax. The corporate income tax return form was deleted an obligation to have stamp of the company inserted, signature is sufficient Notification obligation – threshold for calendar year increased from EUR 3 319.39 to EUR 5 000, deadline moved from the end of January till end of March
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